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Does transportation network centrality determine housing price?
Journal of Transport Geography ( IF 5.7 ) Pub Date : 2022-07-16 , DOI: 10.1016/j.jtrangeo.2022.103397
Sandip Chakrabarti , Triparnee Kushari , Taraknath Mazumder

In this paper, we investigate whether transportation network centrality determines housing price in cities. We find that it does. Using housing price data from >400 neighborhoods across the city of Kolkata, India, our research shows that a neighborhood's centrality within the intra-urban road transportation network is positively associated with the average price per sq. ft. of ownership units in multistory apartment buildings in the neighborhood. We test the relationships of three alternative centrality indices – closeness, betweenness, and eigenvector – capturing different dimensions of network-wide connectedness with housing price, independently and in combination. We employ two alternative network weights to derive centrality considering peak-period and off-peak travel conditions and road transportation network performance. We address the spatial autocorrelation issue to derive robust evidence on the centrality-price relationship. Our results suggest that centrality is an intrinsic location advantage that positively influences urban housing price. Different centrality indices have different effects on price but they collectively reinforce each other. The estimated magnitudes of association between centrality indices and housing price are significant for policy and practice. In addition to contributing to scholarship in the domain of transportation planning, our research offers specific takeaways for metropolitan planning agencies and real-estate developers, especially in resource constrained geographic contexts.



中文翻译:

交通网络的中心性决定房价吗?

在本文中,我们调查了交通网络的中心性是否决定了城市的房价。我们发现确实如此。使用印度加尔各答市超过 400 个社区的房价数据,我们的研究表明,社区在城市内道路交通网络中的中心地位与多层公寓楼的每平方英尺所有权单元的平均价格呈正相关在附近。我们测试了三个替代中心性指标的关系——紧密度、中介性和特征向量——独立地和组合地捕捉网络范围内与房价的连通性的不同维度。考虑到高峰期和非高峰期的出行条件以及道路交通网络的性能,我们采用两种替代的网络权重来推导中心性。我们解决了空间自相关问题,以获得关于中心性-价格关系的有力证据。我们的研究结果表明,中心性是对城市房价产生积极影响的内在区位优势。不同的中心性指数对价格有不同的影响,但它们共同增强。中心性指数与房价之间的关联程度估计值对政策和实践具有重要意义。除了为交通规划领域的学术研究做出贡献外,我们的研究还为大都市规划机构和房地产开发商提供了具体的启示,尤其是在资源有限的地理环境中。我们的研究结果表明,中心性是对城市房价产生积极影响的内在区位优势。不同的中心性指数对价格有不同的影响,但它们共同增强。中心性指数与房价之间的关联程度估计值对政策和实践具有重要意义。除了为交通规划领域的学术研究做出贡献外,我们的研究还为大都市规划机构和房地产开发商提供了具体的启示,尤其是在资源有限的地理环境中。我们的研究结果表明,中心性是对城市房价产生积极影响的内在区位优势。不同的中心性指数对价格有不同的影响,但它们共同增强。中心性指数与房价之间的关联程度估计值对政策和实践具有重要意义。除了为交通规划领域的学术研究做出贡献外,我们的研究还为大都市规划机构和房地产开发商提供了具体的启示,尤其是在资源有限的地理环境中。中心性指数与房价之间的关联程度估计值对政策和实践具有重要意义。除了为交通规划领域的学术研究做出贡献外,我们的研究还为大都市规划机构和房地产开发商提供了具体的启示,尤其是在资源有限的地理环境中。中心性指数与房价之间的关联程度估计值对政策和实践具有重要意义。除了为交通规划领域的学术研究做出贡献外,我们的研究还为大都市规划机构和房地产开发商提供了具体的启示,尤其是在资源有限的地理环境中。

更新日期:2022-07-17
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